Renewable energy has increased significantly in recent years, but has declined in 2020: investment in renewable energy in the second quarter of 2020 fell by 46% compared to the previous quarter and fell 52% from the 2019 quarterly average, the lowest figure since 2017. In 2019, renewable energy accounted for 21% of electricity generation, up from 19% the previous year. Australia had a renewable energy target to ensure that by 2020, 33 gigawatt hours (GWh) of electricity comes from renewable sources. However, since meeting the renewable energy target in 2019, investment in renewable energy has declined due to political uncertainty, regulatory risks, connectivity issues and a lack of investment in networks. Investment and state political support in the gas industry will lock Australia into a carbon-intensive future and likely lead to failed assets. The Convention on Climate Change was first adopted in 1992 following growing global concerns about climate change, including the publication of the first assessment report of the 1990 Intergovernmental Panel on Climate Change (IPCC). The convention establishes a framework for stabilizing atmospheric concentrations of greenhouse gases (GHGs) to prevent “dangerous anthropogenic damage to the climate system.” The climate convention came into force in 1994 and now has almost universal support, with 197 parties having ratified the convention. The parties to the convention meet regularly, including at the Annual Conference of the Parties (COP) during which they take decisions to promote the effective implementation of the Convention and adopt other instruments. Australia`s plan to use an accounting loophole to meet its obligations under the Paris climate agreement has no legal basis and suggests it is committed to further reducing emissions once a comprehensive agreement is reached, a new report says. Dr. Bill Hare, a climatologist and political analyst who co-authored reports for the UN Intergovernmental Committee on Climate Change, says there is no quick fix. Just this month, the Tasmanian Liberal government passed a 200% renewable energy target in the House of Commons.

Although Australian governments have adopted the same 2050 target for net zero emissions, Morrison`s federal government has not yet adopted the same target. Australia is a major exporter of fossil fuels, particularly coal, and Morrison said many countries had made qualified climate commitments. Australia`s NDC Intended, published by the federal government in August 2015 before the Paris Agreement was adopted, has required Australia to achieve a “macroeconomic target to reduce greenhouse gas emissions by 26-28% from 2005 to 2030 levels.”